Media release 1 July 2022
Payroll tax cuts to benefit Sunshine Coast businesses
In Caloundra to see first-hand the difference the State Budget will make to local businesses, Minister for Employment and Small Business Di Farmer said this year’s budget was focused on delivering good jobs, better services and a great lifestyle.
“Targeted regulatory reform has been a key part of the Palaszczuk Government’s COVID-19 response, enabling businesses to grow,” Minister Farmer said.
“Small business remains a priority and Queensland’s small and medium businesses have welcomed the 2022-23 Budget, including the cut to payroll taxes from 1 January 2023 that will save the sector about $210 million over the next four years.
“The State Budget 2022-23 will provide payroll tax relief to more than 12,000 small and medium-sized Queensland businesses.
“This will be achieved by increasing the payroll tax deductions to businesses with annual Australian taxable wages between $1.3 million and $10.4 million.
“We are increasing the number of businesses who will now be eligible for a deduction from payroll tax, and we will significantly increase the size of deduction available to businesses already getting it.
“This means a business with $6.5 million of taxable wages will see over $26,000 extra each year in its bank account.”
HeliMods is an aerospace technology company with world leading capabilities in advanced digital design, engineering, and manufacturing.
Craig Kurkowski, the Finance and Accounting Lead for HeliMods, says payroll tax cuts will make a real difference as the Sunshine Coast company expands into export and defence markets.
“As HeliMods expands its advanced manufacturing capabilities this payroll tax cut will allow us to continue our investment in young local talent, through work-experience, apprenticeships and internships.”
“We’ve more than doubled our workforce in the last four years and every little bit of assistance helps us continue to grow.”
Minister Farmer said the State Budget 2022–23 will also invest a further $39.1 million over the next four years to support the crucial small business sector.
“Since 2020, nearly 60,000 Queensland business have been supported by grants totaling almost $530 million,” Minister Farmer said.
“Following the successful business grants programs, I can confirm this Budget investment will be permanent, ongoing funding.
“There’s no denying that it’s been a tough two years for small business and it’s wonderful to see how this is making a difference to the lives of small business owners and that they will not only recover but grow and prosper.”
In the Sunshine Coast region, more than $1.7 million has been provided to 253 businesses as part of the Big Plans for Small Business grants programs.
“I’m also pleased that the State Budget will fund the continuation of the successful Mentoring for Growth program, which this year is celebrating 20 years of supporting small business,” Minister Farmer said.
“The program has been a great resource for local businesses throughout the pandemic, enabling business owners to work with one of the 19 volunteer business experts on the Sunshine Coast – opening the door to new opportunities.
“Our engagement with the small business community increased exponentially throughout the pandemic with 59 mentoring sessions held in the past 18 months as businesses take every opportunity to boost their business knowledge.
“We’re also rolling out a $6.75 million Small Business Wellness and Support package to engage six Small Business Wellness Coaches to help those businesses hardest hit by the pandemic and the recent floods.”
Minister Farmer said the Palaszczuk Government was committed to making it easier to do business in Queensland and strengthening the state’s economy.